BUSINESSES in Wales benefited from almost £50million of lending thanks to a government rates initiative.

Firms across the country say confidence was key to sustainability and growth in 2012, with the backing of the Funding for Lending (FFL) scheme.

More than £46m has now been secured from the NatWest and Royal Bank of Scotland (RBS) banks by Welsh firms through FFL.

And now bosses want to see more companies in North Wales applying for cash to boost the local economy and create jobs.

In a league table produced by the banks to show differing demand across the UK, Llandudno sits in 57th place out of 107 towns and cities nationwide, having secured £7,198,675.

Cardiff was 11th in the table with a total of £20,834,971.

Taking the 3,900 UK SMEs combined, they have now, between them, secured £1bn in finance from both NatWest and RBS since August 1.

Peter Ibbetson, small business chairman at the RBS, called on everyone to work together to stimulate growth in the economy and help businesses thrive all around the country.

He said: “The solution for the economic situation we’re in lies with everybody: it lies with the politicians, the media, the banks and the businesses to work together and there is one word at the heart of all this, and that’s confidence.

“We need confidence back in the high street and cheap finance is one way to build confidence.

“At NatWest and Royal Bank of Scotland we’re saying to businesses now is the right time to invest and these are the cheapest rates I have seen in my banking career.”

Tony Kelly, managing director of NatWest Commercial Banking in North Wales, reinforced those comments and urged firms to join forces with them.

He told Business Post: “£1bn to SMEs across the UK is a pleasing milestone but I always want more here in North Wales.

“We’re seeing demand differ significantly from town to town and I’d urge any business looking for finance to get in touch and we can see if the FFL scheme can help you.”

Mr Kelly added: “We’re focused on helping our customers meet their ambitions, we’re putting our relationship managers through a unique external accreditation programme with bespoke training for dealing with different types of business and we’re all going out two or three times a year to work directly for an SME to get a feel for the challenges those businesses are facing right now.

“That shift in culture, along with cheaper finance, is key to us helping businesses think about growth.”

The Treasury and the Bank of England launched the £80billion funding for lending scheme at the start of August to kick-start lending to households and businesses.